São Paulo, July 24th, 2018 – GPA [B3: PCAR4; and NYSE: CBD] announces its results for the second quarter of 2018 (2Q18). The comments refer to the consolidated results of the Group or of its business units. All comparisons are with the same period in 2017, except where stated otherwise.

GPA Food

  • Gross sales revenue of R$12.8 billion, up 9.9%, driven by the accelerated growth at Multivarejo and the solid performance of Assaí, despite a relevant food deflation;
  • Adjusted EBITDA(*) reached R$679 million (+25.5% vs. 2Q17), with margin expanding from 5.1% to 5.8%, maintaining a strong pace of growth;
  • Net income attributed to controlling shareholders of R$462 million 2.4 times higher than 2Q17 profit. Ex-tax credits, profit reached R$ 185 million, reversing the loss of the same period of the previous year;
  • Maintenance of solid financial structure, with a leverage ratio of around 1 time EBITDA.


  • Gross sales revenue of R$7.0 billion, with solid same-store sales growth excluding the calendar effect of 5.3%. Sales improved significantly across all banners, supporting a market share gain of 100 bps in the quarter;
  • Gross margin(*) remained stable at 28.1%, striking a good balance between successful promotional campaigns and price competitiveness;
  • Operating expenses as a percentage of net revenue decreased from 23.9% to 23.1% in 2Q18, due to the ongoing efficiency gains, led by productivity gains in stores;
  • Adjusted EBITDA(*) of R$358 million, up 18.6%, as a result of the significant evolution of sales and greater operational efficiency. EBITDA margin(*) stood at 5.6%, expanding 90 bps.


    • Gross sales revenue of R$5.7 billion, up 22.8%, maintaining the banner‘s strong performance. This growth translated into a market share gain of around 200 bps in the quarter;
    • Gross margin(*) reached 16.4%, mainly due to the successful organic expansion and the consequent rapid maturation of the stores opened in recent years;
    • Adjusted EBITDA margin(*) reached 6.1%, expanding a robust 50 bps;
    • Net income reached R$412 million (R$ 168 million ex tax credits), registering strong growth of 4.3 times vs 2Q17 (or 1.8 times ex tax credits).

(*) Excluding tax credits, as detailed in the section “Tax Credits” .

Click on the link below in order to access:

2Q18 Earnings Release

August 25th, 2018
10:30 a.m. (Brasília time) | 9:30 a.m. (NY) | 2:30 p.m. (London)
Conference in English (simultaneous translation)
+1 646 828-8246
Webcast: click here.
Conference in Portuguese (original language)
+55 (11) 3193-1001 or 2820-4001
Webcast: click here.

Replay: +55 (11) 3193-1012 or +55 (11) 2820-4012
Access code for audio in English: 389567#
Access code for audio in Portuguese: 127474#
The conference call will also be available in audio format on http://www.gpari.com.br/.

Please dial in five minutes prior to the scheduled conference call time.

Departamento de Relações com Investidores – Investor Relations Team
+55 (11) 3886-0421